[14394]
January 23, 2002
TO: ACCOUNTING/TREASURERS COMMITTEE No. 5-02
RE: AICPA ISSUES TECHNICAL PRACTICE AID FOR PRIVATE INVESTMENT
COMPANIES
The AICPA recently issued a series of questions and answers intended to assist private
investment companies prepare the financial highlights table. The series of questions and
answers, commonly referred to as Technical Practice Aids, provides guidance on application of
paragraphs 7.64-7.67 of the AICPA Audit and Accounting Guide, Audits of Investment Companies
to non-registered funds. The guidance indicates that non-registered funds have had difficulty
implementing the financial highlights table because they frequently differ from registered
investment companies in legal structure and certain operational aspects.
The guidance is currently available on the AICPA’s web site1 and will be included in the
next edition of the AICPA’s Technical Practice Aids publication.
Gregory M. Smith
Director – Operations/
Compliance & Fund Accounting
1 See http://preview.aicpa.org/members/div/acctstd/general/private.htm.